股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國人民財産保險股份有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 內資股 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 15,343,471,470 RMB | | 1 | RMB | | 15,343,471,470 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 15,343,471,470 RMB | | 1 | RMB | | 15,343,471,470 | | 2. 股份 ...

Core Viewpoint - The insurance sector is experiencing a decline in stock prices due to the formal initiation of a mechanism for adjusting the guaranteed interest rates of insurance products, leading to significant shifts in product offerings and business strategies among major insurance companies [1] Group 1: Stock Performance - As of the report, major insurance stocks have seen notable declines: Xinhua Insurance down 4.17% to HKD 48.2, China Life down 3.52% to HKD 21.95, China Pacific Insurance down 3% to HKD 30.7, and China Property & Casualty Insurance down 0.37% to HKD 16.26 [1] Group 2: Regulatory Changes - The China Insurance Industry Association has released data indicating that the research value for the guaranteed interest rate of ordinary life insurance products is now 1.99%, a decrease of 14 basis points from the previous period [1] - This value has remained below the current guaranteed interest rate by more than 25 basis points for two consecutive quarters, triggering the dynamic adjustment mechanism for life insurance guaranteed interest rates [1] Group 3: Business Implications - Dongwu Securities reports that the reduction in guaranteed interest rates will lead to a continued decrease in the liability costs of new business for insurance companies, while the gradual dilution of new business against existing business will improve the average cost of existing policies [1] - Following the adjustment of guaranteed interest rates, the minimum return on participating insurance products is only 25 basis points lower than traditional insurance, making them more attractive to customers due to their floating return design [1] - It is anticipated that the structure of new business will accelerate its shift towards participating insurance, and the increased proportion of participating insurance will further alleviate the rigid cost pressures faced by insurance companies [1]

Core Viewpoint - The insurance sector is experiencing a decline in stock prices due to the initiation of a mechanism for adjusting the guaranteed interest rates of insurance products, leading to significant changes in the business landscape [1] Group 1: Stock Performance - As of the report, major insurance stocks have seen notable declines: Xinhua Insurance down 4.17% to HKD 48.2, China Life down 3.52% to HKD 21.95, China Pacific Insurance down 3% to HKD 30.7, and China Property & Casualty Insurance down 0.37% to HKD 16.26 [1] Group 2: Regulatory Changes - The China Insurance Industry Association has announced that the research value for the guaranteed interest rate of ordinary life insurance products is now 1.99%, a decrease of 14 basis points from the previous period [1] - This new rate has been below the current guaranteed interest rate by more than 25 basis points for two consecutive quarters, triggering the dynamic adjustment mechanism for life insurance guaranteed interest rates [1] Group 3: Market Implications - Dongwu Securities reports that the reduction in guaranteed interest rates will lead to a continued decrease in the liability costs of new business for insurance companies, while the gradual dilution of new business against existing business will improve the average cost of existing policies [1] - Following the adjustment of guaranteed interest rates, the minimum return on participating insurance is only 25 basis points lower than that of traditional insurance, making it more attractive to customers due to its floating return design [1] - It is anticipated that the structure of new business will accelerate the shift towards participating insurance, and the increased proportion of participating insurance will further alleviate the rigid cost pressures faced by insurance companies [1]

Group 1 - The latest scale of the Hong Kong Stock Connect Non-Bank ETF reached 12.707 billion yuan as of July 31, 2025, with a record high of 7.689 billion shares [1] - The ETF has seen continuous net inflows over the past 22 days, with a maximum single-day net inflow of 820 million yuan, totaling 7.468 billion yuan [1] - The ETF's net value increased by 85.25% over the past year, ranking 34th out of 2,943 index equity funds, placing it in the top 1.16% [1] Group 2 - The CSI Hong Kong Stock Connect Non-Bank Financial Theme Index includes up to 50 listed companies that meet the non-bank financial theme criteria, reflecting the overall performance of these companies [2] - The top ten weighted stocks in the index account for 78.19%, with China Ping An, AIA, and Hong Kong Exchanges and Clearing each exceeding 14% [2] - China Life Insurance received a net inflow of 1.114 billion HKD from southbound funds, with a cumulative net inflow of 7.828 billion HKD over the past 20 days [2] Group 3 - In the first half of 2025, life insurance companies' original premium income grew by 5.4% year-on-year, with a second-quarter growth rate of 16.3% [3] - Property insurance companies reported a premium income of 964.5 billion yuan, also reflecting a year-on-year growth of 5.1% [3] - The insurance industry faces significant interest spread loss risks, with a need to lower new single liability costs to alleviate pressure [3] Group 4 - The "interest spread loss" pressure is identified as the core reason for the valuation pressure on insurance stocks, with potential for valuation recovery if the risk converges [4] - The Hong Kong Stock Connect Non-Bank ETF is the first and only ETF tracking the non-bank index, with over 60% of its composition in insurance stocks [4]

Group 1 - Severe flooding in Beijing's Miyun and Huairou districts has led to significant insurance claims, with a total of 3,448 reports and estimated losses of 80.13 million yuan as of July 30 [1] - The insurance claims include 2,176 vehicle insurance claims with estimated losses of 46.03 million yuan, 165 agricultural insurance claims with losses of 5.38 million yuan, and 905 home insurance claims with losses of 2.89 million yuan [1] - Insurance companies have deployed 1,954 claims personnel and 1,753 rescue vehicles to assist in the disaster response, successfully rescuing 643 vehicles [1] Group 2 - Multiple insurance companies activated emergency response plans to provide rapid assistance to affected individuals, ensuring quick and convenient support for disaster victims [2] - Ping An Property & Casualty initiated a no-difference rescue operation, offering assistance regardless of whether clients had vehicle insurance or were insured by Ping An [2] - A 24-hour claims green channel was established, simplifying claims processes by waiving certain documentation requirements and providing advance payments for vehicle losses [2] Group 3 - PICC Beijing has coordinated with local agricultural and forestry authorities to assess damages from mudslides and landslides, preparing to utilize satellite remote sensing technology for large-scale claims [3] - The company has implemented measures to expedite claims processing for small cases and initiated advance payments for confirmed losses in larger cases [3] - Anhua Agricultural Insurance has proactively contacted farmers to provide claims guidance and disaster response advice, sending out 7,773 warning messages [3] Group 4 - The Beijing Financial Regulatory Bureau encourages consumers to utilize insurance mechanisms for risk prevention, highlighting the importance of various insurance products during flood season [4] - Consumers are advised to read insurance terms carefully and to seek professional assistance when accidents occur during adverse weather conditions [4] - Timely claims applications are emphasized, especially for vehicle loss insurance, which now covers damages from natural disasters like floods [4]

二、中国人民财产保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 一、同意中国人民财产保险股份有限公司武山支公司将营业场所变更为：甘肃省天水市武山县城关镇安 居路北侧阳光水岸A区15B#楼二层201号商铺。 2025年7月28日，国家金融监督管理总局天水监管分局发布批复称，《中国人民财产保险股份有限公司 天水市分公司关于武山支公司变更营业场所的请示》（天人保财险发〔2025〕22号）收悉。经审核，现 批复如下： ...

Core Viewpoint - Green finance is becoming a key force in driving high-quality economic and social development in response to climate change and low-carbon transition [1] Policy Support - A series of policies have been introduced to guide the insurance industry in developing green finance, including the implementation plan for high-quality development of green finance in the banking and insurance sectors [1][2] - Local governments are launching tailored green finance plans, such as the initiatives from the People's Bank of China in Guangdong to promote green financial services [2] Product Innovation - Insurance institutions are increasing innovation in green insurance products, expanding coverage areas and enhancing product functionality to meet diverse market demands [3] - Specific products like the "property all-risk insurance (for the energy storage industry)" have been introduced to mitigate risks associated with renewable energy projects [3][4] Climate Change Response - The insurance industry is increasingly prioritizing climate change in strategic management, with many companies integrating climate policies into their operational practices [5][6] - There is a growing demand for weather index insurance across various sectors, with over a hundred products available nationwide [6] Financial Support for Green Industries - Insurance funds are aligning well with the funding needs of green industries, with significant investments being made in low-carbon and energy transition sectors [7] - As of March 2025, the green investment scale of China Life Asset Management exceeded 450 billion yuan [7] Future Development Recommendations - Industry experts suggest enhancing investment in risk assessment technologies and models, utilizing big data and AI for more accurate risk evaluations [8] - There is a call for increased promotion of green insurance knowledge to raise public awareness and acceptance [8]

Core Viewpoint - The insurance industry is actively responding to severe weather events, implementing emergency plans and providing rapid claims processing to support affected customers and restore normalcy in disaster-stricken areas [1][5][7]. Group 1: Insurance Companies' Response - Multiple insurance companies, including PICC, China Life, and Ping An, have initiated emergency disaster response plans and opened 24-hour claims channels to assist affected areas [1][3]. - As of July 29, the Beijing insurance sector dispatched 1,507 rescue personnel and 1,329 vehicles to disaster areas, with significant claims reported in Tianjin due to mountain flood disasters [3][7]. - Insurance companies are utilizing technology to enhance claims efficiency, such as deploying satellite imagery and AI for damage assessment [4][8]. Group 2: Claims Processing and Efficiency - The insurance industry has established green channels for claims processing, allowing for expedited assessments and payments to affected individuals and businesses [4][5]. - Companies like Taiping and Sunshine have mobilized specialized equipment and teams to ensure timely claims processing in severely affected regions [4][5]. - Regulatory bodies have emphasized the need for simplified claims procedures and rapid payouts to alleviate economic pressure on disaster victims [7][9]. Group 3: Consumer Guidance and Best Practices - Consumers are advised to report claims promptly within the stipulated time frame and to retain evidence of damages for efficient processing [10]. - It is recommended that policyholders familiarize themselves with their insurance terms and utilize official channels for claims to avoid fraud [9][10]. - Specific guidance for vehicle claims includes avoiding starting submerged vehicles and preserving the scene for evidence [9][10].

Core Viewpoint - The performance of the Baoying Brand Consumption A fund has been disappointing, with a year-to-date net asset value decline of 1.67%, significantly underperforming its benchmark by over 5 percentage points as of July 29, 2025 [6]. Fund Performance - As of the end of the second quarter, the fund's net asset value decreased by 5.63%, underperforming its benchmark by 2.65 percentage points [5]. - For the first half of the year, the fund's net asset value fell by 4.16%, lagging behind its benchmark by 5.26 percentage points [5]. - The fund's total assets are approximately 225 million yuan [3]. Fund Manager and Products - The fund manager, Yang Siliang, has been managing the Baoying Brand Consumption A fund since December 2021 and oversees a total of seven products, with six independently managed [2][10]. - All of Yang's independently managed products have experienced losses this year [10]. Holdings and Market Impact - As of the end of the second quarter, the fund's stock holdings accounted for 74.89% of its total assets, with the top ten holdings representing 74.76% of the fund's net asset value, a significant increase from 58.08% in the previous quarter [7]. - Major holdings include Tencent Holdings, Kweichow Moutai, Meituan, and others, with several of these stocks, such as Meituan and Shanxi Fenjiu, experiencing declines of over 12% in the second quarter [8][9]. Redemption and Strategy - Due to poor performance, the fund faced net redemptions exceeding 200 million units in the second quarter, prompting the fund to reduce its holdings in major stocks, which may have exacerbated selling pressure [9].

Core Insights - The insurance industry is actively responding to the severe rainstorm disaster in Beijing, with significant claims reported across various insurance sectors [1] Group 1: Claims and Loss Estimates - As of July 29, 15:00, the People's Insurance Company of China (PICC) Beijing branch received 603 car insurance claims, estimating losses at 8.501 million [1] - Home insurance claims, including rural housing insurance, totaled 205, with estimated losses of 215,800 [1] - Agricultural insurance claims amounted to 7, with estimated losses of 466,000 [1] Group 2: Disaster Response and Recovery Efforts - PICC Beijing branch mobilized all 19 partner rescue service providers for disaster relief efforts [1] - A total of 128 rescue vehicles were dispatched to affected areas, with specific allocations including 45 to Miyun, 7 to Huairou, 14 to Pinggu, and 62 to other regions [1] - The company expanded its emergency vehicle storage capacity by adding 2 new preservation sites in Miyun, accommodating up to 1,100 vehicles for rescue operations [1] Group 3: Agricultural Insurance Management - The company established a disaster handling hierarchy and defined personnel group arrangements for effective management [1] - A loss assessment standard was set, and a telephone survey was conducted on all insured policies to identify claims [1] - On-site inspections for reported claims were prioritized, with follow-ups planned for areas that were previously inaccessible due to road closures [1]